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Views On Morning Nifty, Derivative and Rupee comments 29 March 2023 by Anand James - Chief Market Strategist at Geojit Financial Services

Nifty outlook:  

 The 17070 region continued being a lid to upsides yesterday,allowing bears to retain upper hand through the day. Despite this, 16918 weathered all the storms, renewing hopes that bulls have not given up, and that there is still a glimmer of hope towards getting back on the 17470 trajectory. But, as maintained yesterday, we will wait for a break above 17140 for the same,though for the day, the ability to float above 16975 will serve as the first sign towards that end. Alternatively, a repeat attack on 16918 would assure a new low for the year, with first support at 16676,but a collapse is less expected today.  

Derivative:

Nifty weekly contract has highest open interest at 17000 for Calls and 17000 for Puts while monthly contracts have highest open interest at 17000 for Calls and 17000 for Puts. Highest new OI addition was seen at 17000 for Calls and 16700 for Puts in weekly and at 17000 for Calls and 16700 for Puts in monthly contracts. FIIs increased their future index long position holdings by -6.64%, increased future index shorts by 4.07% and in index options by -7.04% in Call longs, -0.11% in Call short, -8.21% in Put longs and 7.61% in Put shorts.

USD-INR outlook:

The anticipated pull back failed to sustain for long above 82.21, rendering the trend sideways as expected. Downsides are likely to be supported at 82, while upsides will need a break beyond 82.37 to gain traction.

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